Siemens Says 2Q Net Profit Fell; Pulls 2020 Outlook Due to Coronavirus

   By Kim Richters 
 

Siemens AG on Friday reported a fall in its second-quarter profit, and withdrew its guidance for the fiscal year due to the coronavirus pandemic.

Net profit at the German engineering conglomerate fell to 652 million euros ($704.4 million) for the period ended March 31 from EUR1.81 billion a year earlier.

At Siemens' industrial business, adjusted earnings before interest, taxes and amortization fell 18% to EUR1.59 billion, while the adjusted Ebita margin for the division was 12.1%.

Siemens said revenue for the quarter was EUR14.23 billion compared with EUR14.25 billion for the year-earlier period. Orders fell to EUR15.15 billion from EUR16.46 billion.

"Despite the coronavirus pandemic Siemens was able to operate production sites and supply chains near normal levels in 2Q FY 2020," the company said. However, it said volume, income and cash flows were clearly hit by the pandemic.

The company has pulled its outlook for fiscal 2020 and expects a stronger coronavirus hit in the third quarter. It now expects a moderate decline in comparable revenue for the full fiscal year and didn't provide a guidance for basic earnings per share.

It confirmed the timeline for its energy business spinoff.

Write to Kim Richters at [e-mail]

(END) Dow Jones Newswires

May 08, 2020 01:45 ET (05:45 GMT)

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